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I know several people that claim to have just stopped paying all of their credit card accounts. They say that the creditors try to call (phone number changed to ppd cell and they can't call) Then, after about 3 months the debt goes to collection agencies and they send letters and try to call. Then the debt gets resold to another, then another collection agency. Finally, the statue of limitations runs out. The calls and letters keep coming but nothing else happened. No court or judgements etc. Some of these people had 5 or 6 credit cards equaling 30k or more in total. Have other people found this to be true? Or have you had to appear in court, or get a judgement against you? If they are telling the truth, some c.c. companies must lose quite a bit on some people.

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I know several people that claim to have just stopped paying all of their credit card accounts. They say that the creditors try to call (phone number changed to ppd cell and they can't call) Then, after about 3 months the debt goes to collection agencies and they send letters and try to call. Then the debt gets resold to another, then another collection agency. Finally, the statue of limitations runs out. The calls and letters keep coming but nothing else happened. No court or judgements etc. Some of these people had 5 or 6 credit cards equaling 30k or more in total. Have other people found this to be true? Or have you had to appear in court, or get a judgement against you? If they are telling the truth, some c.c. companies must lose quite a bit on some people.

 

I filed a BK in 05 over medical bills, moved, then let it dismiss, I did not resurface with any applications for credit and did nothing that would alert them to my where abouts until the SOL had run out. I got a phone in my corporate business name that allowed me to stay under the radar and operated strictly with cash (no bank accts in my name) I never heard from anyone until last year and well past the SOL, the JDBs had bought most of it, I just ignored them not talking to them or writing a response to them. Now after joining Credit Boards I am sending them FOAD letters as I get their notices in the mail.

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I know several people that claim to have just stopped paying all of their credit card accounts. They say that the creditors try to call (phone number changed to ppd cell and they can't call) Then, after about 3 months the debt goes to collection agencies and they send letters and try to call. Then the debt gets resold to another, then another collection agency. Finally, the statue of limitations runs out. The calls and letters keep coming but nothing else happened. No court or judgements etc. Some of these people had 5 or 6 credit cards equaling 30k or more in total. Have other people found this to be true? Or have you had to appear in court, or get a judgement against you? If they are telling the truth, some c.c. companies must lose quite a bit on some people.

 

It depends on the lender. I had a family member who did exactly that ... Chase (20k), Discover (15k), and Capital One (8k) sued. Amex (20k), Citibank (7k) and BofA (10k) did not. Family member changed phone number - even had it put in to a relatives name but the CA's got the new number eventually each time. Number never given to anyone other than bank and utilities and was unlisted. So likely guess is that CA's skip traced with the utilities.

 

So the answer is YMMV.

Edited by Frank13

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One problem would be if you are still working. They will see where you work and call there. The people I know that did that had just retired.

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